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Solving the Credit Union 'Tower of Babel' (Conference Session Slides)

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By creating true standards surrounding a lending format, communication, and security of credit union and partner data can be significantly improved, allowing for a similar improvement in services offered. This thought-provoking presentation will educate you on the importance of developing standard protocols for lending data, how it benefits all stakeholders, and also how to go about creating these standards. Learn more at: www.nafcu.org/allied

Published in: Economy & Finance, Business
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Solving the Credit Union 'Tower of Babel' (Conference Session Slides)

  1. 1. Solving the Credit Union Tower of Babel Common Lending Data Language Presented by:David Hilger Chris CazerAllied Solutions Inc. Osprey Software Solutions Inc.
  2. 2. Solving the Credit Union Tower of Babel‘ a Common Lending Data Language Topics 1. Ugly 2. Nirvana 3. The Road 4. [Your] Vision
  3. 3. Why The Tower of Babel is a problemThe “mechanics” of delivering solutionscomplicates or prevents their implementation.• Lack of true data standards complicates all aspects of services dependent upon data
  4. 4. Allied Solutions Leading provider of products and services to financial institutions• Over 3,700 Clients• Over 70 products/solutions• Over 30 provider partnershipsWe integrate many systems to provide solutions
  5. 5. The Ugly RealityThe lack of a common standards for lending datacauses:• Increased expense to the institution• Increased security risks and mitigation efforts• Prevents the implementation of the best solutions
  6. 6. The Ugly Reality - Voices• “Getting access to my data is like dealing with a crack dealer” – Ed Speed TDECU• “Securely managing data to my service providers is one of the biggest risks we are faced with” – Greg Schmeisser FCFCU• “Integrating with the core can cost more than our entire solution – depriving me of business and my client of the services they want” – Rob Daley Intelligent Banking Systems
  7. 7. The Ugly Reality – A Tower of Babel• Each integration is separate and custom• Multiple integrations to each source• Multiple integrations for each solution
  8. 8. The Ugly Reality – A Tower of Babel• Increased complexity• Increased management• Increased costs• Increased time to deploy• DECREASED solutions
  9. 9. The Ugly Reality – A Tangled Web Insurance Tracking Collections POS Ordering Systems Systems Systems Government Doc Mgmt Systems SystemsHome Equity Indirect LendersLoan Systems Systems Core System Collateral Evaluation Credit Rating Systems Agencies Credit Card Loan Title Search Systems Systems LOS
  10. 10. The Ugly Reality - ImpactPotential for Allied 3,700 (clients) * 30 (providers) * 70 (prod/serv) = 9,583,000 integrationsReality for AlliedMore than 10,000 distinct integration points/month….And Growing
  11. 11. The Ugly Reality - Pain• Expensive for the Industry – Costs of services – Time to market – Client satisfaction• High Risk Level – Data exposure risk – Unintended process risks
  12. 12. NirvanaSeamless transfer of member data• Standardized Data Format• Standard Transmission Protocol• Standard/Certified Security
  13. 13. The Road to Nirvana(Deconstructing the Tower of Babel) Transition slide to Chris
  14. 14. Osprey Software Solutions Inc.• Specialize in mission critical software development• World class clients• 100% track record of success• All clients are highly reference-able Sample of active clients
  15. 15. Nirvana• “Rapidly add new processes & features”• “New systems automatically integrate”• “Reduced member costs”• “Nothing breaks / stability”• “Not locked into any vendor”• “My data is secure. I can sleep at night”
  16. 16. Nirvana: LoanConnectOnce Core System Data Interchange Standard for Loan Data Insuranc e
  17. 17. Nirvana: LoanConnectOnce Core System Open Standards Communication Payload Insurance
  18. 18. Loan ConnectOnce Components• Community Driven• Open standards• Communication protocol• Business Payload – Business Process – Transaction Set – Schema & Data Dictionary
  19. 19. The Road: Open Community• Freely • Governed by accessible Process + Application• Full Vendors Consensus Transparency CU Lenders & • Members Counter Parties Initiate• Always evolving Submissions• Virtual • Virtual Team Driven Members The movers and shakers of the industry
  20. 20. Stop! Cores will not Participate!• Revenue• IP (Family Jewels)• Control
  21. 21. Core Vendors will participate!• Bad Revenue – Margin; revenue recognition; client satisfaction• No “Jewels” – Old fashion; “Not Open”; Not a feature• Lost Control – Inevitable; Sub-industry; Process risk
  22. 22. Example Process
  23. 23. The Road1. Bootstrap: Community & Process2. Get going: First submission
  24. 24. Bootstrap: Community• TBD Image for • TBD Image forwww.loanConnectOnce.Orh • Linkedin/loanConnectOnce open organization
  25. 25. First SubmissionCommunication Protocol Example considerations • Delivery mechanism(s) • Encryption • Compression • Data Integrity • Guaranteed Delivery • Fault Tolerance • Non-Repudiation
  26. 26. Engage : Your Vision• Add you vision & experience for the future!• Join the community @: www.LoanConnectOnce.Org
  27. 27. Questions• Questions?• Why a standard just for Lending Data?• What about other consortiums?• Why are you doing this?• What will this cost?• “come-on”, how is this going to happen?
  28. 28. Contact Uswww.nafcu.org/allied

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